(Yicai Global) May 15 -- Chinese property developer Agile Group Holdings Chief Financial Officer Zhang Sen has resigned.
Vice President Pan Zhiyong will take over from him effective June 1, the company announced yesterday.
Zhang, who quit to focus on family matters, confirmed he had had no disagreement with the board of directors, the announcement said.
Zhang joined Agile as CFO in 2013 after working for various Hong Kong Stock Exchange-listed companies and international investment banks, public information shows.
Pan, who came aboard at the company in 2017, previously held various positions in the Guangdong provincial branch of the Agricultural Bank of China, the highest of which was deputy governor in charge of its finance and investment banking business. He also served as governor of ABC's Zhaoqing city branch.
Guangzhou-based Agile develops and manages property, runs hotels, invests in realty, and plies the environmental protection and other businesses.
The company achieved a real estate pre-sale amount of CNY102.7 billion (USD14.9 billion) last year in an annual jump of 14.5 percent, exceeding CNY100 billion for the first time ever, but lower than its target of CNY110 billion set at the start of the year.
The firm's debt stood at CNY175.5 billion at last year's end, rising CNY56.3 billion over the same period of 2017. Its year-end asset-liability ratio was 76.14 percent, up 2.68 percentage points annually, and its net debt ratio also swelled from 71.4 percent at the end of 2017 to 79.1 percent, the company's performance report shows.
Editor: Ben Armour